On: What to know about the stock market (2007)

[lotsofpulp]

It is possible the parameters of the world changed so much that Buffett’s expertise is not as useful as it once was.

[JumpCrisscross → lotsofpulp]

One of Buffett’s built-in edges is access to cheap capital through his insurance companies [1]. That matters less in a low-interest rate environment, which has been the dominant regime for the last 20 years.

[1] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3197185

[christophilus → lotsofpulp]

It’s possible. It’ll take another decade of Guy Spier and friends underperforming for me to be convinced of it.